for the european view, we're joined by brussel's bureau chief. peter, thanks very much for joining us. huge day. you just presently heard the size of the u.s. deficit, but is what we've learned not at this point that spelling back on government spending too soon has serious negative implications? >> you pinpoint what had is the most significant difference between romney and obama administration in regards to europe. we've had over the last two to three years the white house and particularly tim geithner really pushing the europeans to back off on the austerity plan. they have at home done job stimulus bills. you see the imf of late make the argument. so the message out of washington is stop it with the austerity. you are forcing growth into negative areas. you're self defeating. it will be very hard for a com any administration to make that same message here in europe because as you pointed out at home, his plan, particularly the ryan plan, was very much almost german style austerity plan. something that has been advocated by northern europe on t